#Self Employed Taxes

[tfincareer]

Don't Miss Dasher Tax Secrets: How to File Your DoorDash Taxes and 1099 Form to Keep More of Your Earnings

Don’t Miss Dasher Tax Secrets: How to File Your DoorDash Taxes and 1099 Form to Keep More of Your Earnings As a DoorDash driver, also known as a “Dasher,” you’re considered an independent contractor rather than an employee. This means your tax situation is different than that of a traditional employee. Understanding how to record your charges accurately, maximizing your derivations, and…

[alishaboetaxplanningexpert]

5 Easy Ways To Lower Your Self-Employed Taxes

Lowering self-employed taxes is a priority for many individuals working for themselves. Managing your tax liability efficiently can contribute to increased profits and financial stability. Here are five easy ways to lower your self-employed taxes:

Maximize Business Deductions: One of the most effective ways to lower self-employed taxes is to maximize your business deductions. Deductible business expenses can significantly reduce your taxable income. Keep detailed records of all your business-related expenses, including receipts and invoices.

Common deductible expenses include office supplies, equipment, software, marketing and advertising costs, business-related travel, and professional fees. Additionally, if you work from home, you may be eligible for a home office deduction. Calculate the percentage of your home used exclusively for business, and deduct a portion of your home-related expenses, such as rent or mortgage interest, property taxes, and utilities.

By identifying and documenting all eligible business expenses, you can effectively lower your taxable income and, consequently, your self-employed tax liability.

Contribute to Tax-Advantaged Retirement Accounts:

Contributing to tax-advantaged retirement accounts not only helps secure your financial future but also provides immediate tax benefits. As a self-employed individual, you have several retirement account options, such as a Simplified Employee Pension (SEP) IRA, Solo 401(k), or a SIMPLE IRA.

Contributions to these accounts are typically tax-deductible, reducing your overall taxable income. For instance, contributions to a SEP IRA can be made up to 25% of your net earnings from self-employment, with a maximum contribution limit. Solo 401(k) contributions consist of both employer and employee contributions, offering even greater flexibility.

By contributing the maximum allowable amount to these accounts, you not only save for retirement but also lower your current tax liability.

Utilize Tax Credits:

Take advantage of available tax credits to lower your self-employed taxes. The Earned Income Tax Credit (EITC) is a valuable credit for low to moderate-income earners, including self-employed individuals. Ensure that you meet the eligibility criteria and claim the credit if applicable, as it can result in a significant reduction in your overall tax bill.

Additionally, consider other tax credits that may apply to your specific situation, such as the Child Tax Credit, education-related credits, or energy efficiency credits. Tax credits directly reduce the amount of taxes owed, making them a powerful tool for lowering your tax liability.

Strategically Time Income and Expenses:

Timing is crucial when it comes to managing your self-employed taxes. Consider strategically timing your income and expenses to optimize your tax situation. For instance, if you expect higher income in the current year and anticipate lower income in the following year, you might delay invoicing clients or recognizing certain income until the next tax year.

Conversely, you can accelerate deductible expenses by making necessary business purchases or prepaying certain expenses before the end of the tax year. By carefully managing the timing of your income and expenses, you can smooth out your taxable income over multiple years, potentially reducing your overall tax rate.

Stay Informed and Seek Professional Advice:

Tax laws and regulations are subject to change, and staying informed about any updates or new opportunities is crucial for optimizing your tax strategy. Consider consulting with a tax professional offering tax planning for self employed in Mayfield Heights OH. They can provide personalized advice based on your specific situation and help you navigate complex tax laws.

A tax professional can identify additional deductions, credits, or tax-saving strategies tailored to your business. While it may involve some upfront costs, the potential tax savings and the peace of mind from ensuring compliance with tax laws can make it a worthwhile investment.

In conclusion, lowering self-employed taxes requires a proactive approach involving strategic deductions, retirement contributions, tax credits, timing considerations, and professional advice. By implementing these easy and practical strategies, you can effectively reduce your self-employed tax liability and keep more of your hard-earned money.

[naamahdarling]

Labor, on its own, has no inherent value. The willingness or ability to labor does not translate to virtue. It can confer financial value, since everyone should be compensated for their labor, but it absolutely does not have inherent moral value.

Disabled people are not obligated to perform for you. They are not required, morally, to break themselves in order to earn some sort of personal value and prove their "worth" to society. They do not need to exhaust every possible means of survival to warrant aid, or spend the entirety of their existence pursuing the same amount of production as others even though it takes everything they have and leaves no room for anything else. They are not obligated to push their limits.

If that pisses you off because YOU have to work to the limit, or beyond, your problem is that you are not being paid enough or you are being asked to do the work of more than one person. Not that disabled people get help for "nothing".

You deserve better, too, you lovable dingus! Every single thing that benefits disabled people will benefit you and the ones you love, either immediately, or eventually. All of it!

[joehills]

Self-employed American artists, pay your quarterly taxes!

They're due Monday, but I don't wanna stress about it all weekend so I just scheduled my payment now

[amphibianaday]

day 1522

[araneapeixes]

currently banging my head against the wall trying to figure out the best way to do commission payment professional type way (creating an invoice that I can keep and show His Majesty's Revenue and Customs) while still allowing for tips..... also has anyone out there ever used Wise😭 cuz Paypal has some goofy fees for currency conversion but idk if it's worth like. confusing people

[ficoandleo]

((i was looking up how taxes are paid in japan because i realized that leo is self-employed

Normally your employer would file your taxes for you but if you're self employed or make a certain amount or have a sidegig that makes a certain amount you have to fill them out yourself

Which means Leo is like one of the only people on campus who's going to be like 'everyone shut up i'm doing my taxes i'll talk to you in like a week when i've stopped dissociating and managed to get them done' in February

(Sho doesn't have to pay his taxes until the year after starting his business so he's off the hook this year but since Leo often pays him digitally along with cash he has to do Sho's taxes too as his employer just so no one gets suspicious)

(Sho joining Leo like 'yeah I'm gonna have to do these with the fiod truck and all so I guess I have to learn now?' and just watching Leo file their fucking taxes. And both of them hate being bored and they will spend the entire month they have to do it getting extremely distracted by literally anything else. You could check in on them like 'hey how're the taxes going' and they've made a thousand little origami stars and the taxes are not done. Like at first Sho was teasing Leo for having to do something so boring but he was trying to watch and learn and then he got bored too and he's like. I would rather do literally anything else right now can we take a break please)

I just think it's funny to realize that Leo has to pay taxes. Like out of all of them he's one of the only ones that knows how to do his own taxes. Ritsu's family are his employers, their accountants do his taxes. Jin's family's accountants do any taxes he owes. Darkwick does the taxes for most of the students I imagine particularly since I'm pretty sure it's implied they get paid to do missions. But Leo, as an influencer, is self-employed and does it himself and has been for a few years so Darkwick makes him handle it himself lmao

And you might think Leo would just get an accountant and I can absolutely see him getting someone to it for him. On the other hand since he probably has less-than-legal income he doesn't trust someone else to do it for him lmao.))

[derkattun]

i think i need help

im behind so much and if i want to stay above the red im gonna be working this month with absolutely no days off, which ive already been doing to the point of burnout. i just need enough to get myself through the month, while still working myself. ill update my goal with both what im making myself and with whatever anyones able to send in. please, im busting my ass for what feels like pennies atp

300/2000

further goal updates will be in the replies

ca / corvysmores

vn / chaotic-corvid

dm for pa

[artist-diaries]

Hey guys, I know its been like 2 and half weeks since I've been active on here and sorey about that. I'll explain everything later but, I felt like this is too important not to share.

Did you guys know the IRS has a site for students with learning modules and assessments design to teach you the basics of understanding/filing taxes?

I don't know how good it is but I plan on going through EVERYTHING today so I'll let you know. As someone without really a foundational understanding of how taxes work, this feels like a good resource to share.

Designed for students but it doesn't seem like there's anything stopping ANYONE from just going on here and learning. It look approachable and easy to understand, with links to explain tax jargon and 14 learning modules.

Is it weird to be excited about this? I am genuinely happy to have found this tbh- here I was prepared for a day of slogging through different websites explaining complicated financial terms and this is just here.

I really hope you guys take a look, because I am kind of amazed this just exists in the world and I- at 24 have never come across it or heard any of those dumb financial gurus talk about this.

https://apps.irs.gov/app/understandingTaxes/student/

Let me know if the link doesn't work, and please please pass this knowledge along. I feel like I've stumbled on a goldmine here.

[lonelycowgirls]

I’m not materialistic (much) but Harry being named the richest UK celeb aged 30 and under is just so sexy isn’t it

[kirby-the-gorb]

[possumteeths]

actively deciding to dedicate all of my time to personal projects and art / writing work is probably the dumbest bullshit ive ever decided to do but also i’d rather eat a whole ass human baby than do anything else

[inkedwingss]

here we go into the gov bureaucracy once again, what is a sole trader and how do I pay the flippin' taxes so you can keep stealing money dear gov please let me know if you have any further doubts or concerns have a lovely day

[deoidesign]

Bro I. I made a spreadsheet to help independent artists organize and track their finances through the year

You can download it to your google sheets with the link!

this is not perfect, and I am not an accountant

this is by no means exhaustive for every possible stream of income someone may have, but it is common forms for independent artists (and you can rename things)

you will need to add and sort your business expenses yourself (other than shipping)

all of the values that start at "$0" are automatically calculated, but you can overwrite those values if you want to calculate them yourself

the spreadsheet will continue to calculate for you as you add more rows to the bottom

the dates quarterly taxes are due are in there as a reminder, and there's spaces for you to track your quarterly income if you want. You need to pay at least 1/4 per quarter of what you paid the previous financial year if you make equal to or more in the total current financial year!

you pay taxes on sales twice! once per year to your state (Usually by the end of January) and then also income tax through the year.

It's not perfect... At all. But I've been doing my taxes myself for a few years now, and keeping a sheet like this updated as I go saves me hours and hours of pain (and if you have an accountant, it will save THEM hours of pain, and you money!)

Basically, as long as all your income and expenses go in a spreadsheet as they come in, you'll be saved a massive headache. This is just to help keep track of the things that personally annoy me to add up come tax season, so I wanted to share in case anyone else wanted it!

[amphibianaday]

day 1246

[lowpawly]

how do taxes work

if you aren't self employed you type in the info on your W-2 on some kind of tax website and if you've been working full time you usually get like 1000 dollars as a tax return but when I tried doing my taxes earlier in the month it said I was only getting 100 dollars and wanted me to give 500 dollars to the state which was confusing and concerning and so I figured maybe I just needed to try a different tax service than the one I was using but I still need to do that. sorry that last part wasn't a part of your question